Would You Recommend Investing Binance Pays 9.70% Interest on USDC

[Text]

I would recommend thoroughly researching Binance's offerings, security measures, and reputation before proceeding, but of course, the decision is yours to make. Binance is a reputable exchange, but due to the ongoing issue, its current status may be affected or changed. You may only be doing it because of the higher rate, but you should know there's always a risk, and because you've experienced being scammed, security should be your top priority.

Regarding your situation with Atomic Wallet, it sounds like you were the victim of a social engineering scam impersonating Atomic Wallet support. You should never share your seed phrase with anyone, not even wallet support.

[Findingnemo]

Right now I have $10,000 in USDC which pays 5.1% interest on Conibase.
I would like to transfer my funds to Binance and earn 9.70% on USDC. Do you believe this would be a smart move?

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

https://postimg.cc/cgTf88QS

You recieved enough recommendations of what you can do and what you should do. Binance definitely can handle 10K so I wouldn't mind trusting them with 10K but the 9.7APY isn't attractive at all, when the profits will be lost on capital gains and inflation so at the end you are taking risk with 10K literally to make pennies.

On the other hand you can just buy Bitcoin for that 10K, move to a comd storage in the next few years it will be atleast doubled this making 100% returns surpassing 40% APY of staking excluding taxes and inflation.

[Coyster]

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

Atomic wallet is a closed source wallet, there are good wallets which are open source and you can use it to hodl your coins. What you are doing is a very bad idea, staking your coins in a centralized exchange, first, you risk your money hodling it in a stablecoin and secondly, you risk your money hodling it in an exchange, because no keys, no coins. If i were you i would use that money to buy Bitcoin and move it into a hardware wallet, but i am not you, so do as you please.

[Rikafip]

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

You are sketpical about investing (and you should be) yet you have $10k on Coinbase? Weird

My advice would be to withdraw that money from Coinbase and hold it in your private wallet, but if you are really insisting on depositing on on CEX, I would rather keep it on Coinbase as imho they are less likely to go down, or to selectively scam you.

[michellee]

Whether this is a smart move or not, only you will know. But if I were you, I wouldn't transfer all that money to Binance for USDC staking. I would use the money to buy Bitcoin and store it in a separate wallet. It would be safer for me because later, I can make big profits from Bitcoin.

You must research before doing anything so you don't make a mistake. Not everything can go well, and you have to understand that you should only use money that you can afford if it is an investment. But Binance does provide staking interest on the coins we store on Binance.

But again, only use the money you can afford because we don't know what will happen later. If you have done your research and found that it is a smart move, you can wait for the time to get the interest.

[albon]

I would like to transfer my funds to Binance and earn 9.70% on USDC. Do you believe this would be a smart move?

I've recently been scammed out of my money investing in Atomic Wallet so I'm skeptical about investing.

For me, I prefer investing and trading instead of staking, which offers some profits that are not worth the hassle. If you were scammed, this is due to your personal negligence in securing your wallet, and this is due to your explanations ^[here] that you put your seed phrases in one of the suspicious wallets. Perhaps you received official phishing messages from Atomic support. I am an Atomic Wallet user and have not faced any problems so far.

As for Locked staking on Binance, it actually offers a higher APY than Flixable, but your assets must be locked until a fixed date and time, so if you need to redeem funds early due to an emergency before the specified redemption date, you will lose all earned or accrued rewards. Also, the redemption process of your assets may be delayed for more than 72 hours in some unexpected cases. Also, the APY rate can change, as it is an estimated and variable rate. If you are satisfied with what I mentioned, you can move forward. Like the rest of the members here, my opinions are neither the best CEX platforms nor the best for depositing large amounts of money into them, but the decision is up to you in the end.

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